XRP Plummets 7.14% as Bearish Sentiment Strengthens Binance CEO Vows Transparency Amid Hyperliquid Attack Speculation Shiba Inu Burn Rate Surges 57,069% with 1B SHIB Burn

XRP, a prominent cryptocurrency, recently faced a significant setback as it experienced a technical rejection that hindered its potential breakout to $3. Currently trading at $2.19, XRP has seen a 7.14% decrease over the past 24 hours. The asset failed to surpass the 26-day Exponential Moving Average (EMA) resistance, which has strengthened the bearish sentiment in the short term. The rejection near the $2.42 level, coupled with low trading volume, has created a bearish setup, making this failure even more detrimental. XRP remains below the 50-day EMA, indicating that there has not been a confirmed reversal and that investor confidence in a long-term uptrend is waning. The cryptocurrency is now trapped in a narrowing range between $2.20 and $2.30, with the 200-day moving average at approximately $1.93 serving as a potential target if this support level fails. Overall, the market shows uncertainty, and bulls must regroup to maintain the $2.20 level before attempting another push higher.

In a recent statement, Richard Teng, the CEO of Binance, emphasized the company’s commitment to transparency, security, and compliance. "User trust is paramount in the blockchain industry. We're committed to transparency, security, and compliance to ensure that this technology delivers on its immense potential," reads the post. However, the timing of this statement coincided with speculation regarding Binance's involvement in an attack on Hyperliquid. The attack involved a complex strategy where an unidentified assailant shorted JELLY futures while simultaneously inflating the coin's price, leading to significant losses for Hyperliquid, equaling $10 million. Blockchain analysis traced the funds used in the attack back to both Binance and OKX, increasing suspicion that these centralized exchanges might have orchestrated the attack to destabilize Hyperliquid. In response, Hyperliquid delisted JELLY and activated its Auto-Deleveraging mechanism, which was viewed by some users as unfair due to the fixed settlement price.

Lucie, the marketing lead for Shiba Inu, recently highlighted a massive burn of SHIB tokens that took place on March 27. "There was another 1B SHIB burn. Totally same address burned 2B SHIB in a 3-day frame," wrote Lucie. An anonymous whale moved one billion SHIB (worth approximately $14,410) to a burn wallet, marking the second one-billion-SHIB burn this week. Thanks to these large transactions and several smaller burns, the total SHIB burn rate skyrocketed to an impressive 57,069%. Lucie explained that the same address had burned 700 BONE and LEASH tokens after unstaking them from the ShibaSwap DEX. On March 24, the X account associated with CENT meme coin claimed responsibility for the massive one-billion-SHIB burn, stating that they wanted to burn even more SHIB.